BTCUSD – Weekly outlook for Bitcoin Price – May 6 2019

BTCUSD Outlook & Technical Analysis for Bitcoin

Introduction

Bitcoin brokers are waiting for the price to confirm its direction as BTCUSD approaches a significant area in the market. However, the coronavirus pandemic has caused havoc all over the globe, creating uncertainty in the system. The Singapore brokers hope for stability in the global economy and quicker recovery of a healthy system.

BTCUSD Technical Analysis

Monthly Chart

BTCUSD - monthly forecast on 06/05/20

BTCUSD forecast on 06/05/20

Monthly Resistance Levels:

19666.00, 1163.00, 725.00 

Monthly Support Levels:

2.22, 15.00, 81.50, 152.40, 262.98, 4265.00, 5920.72

For this month, we can see that the bitcoin price is sitting on a moving average, which can be dynamic support. We expect the price to rise to the high of 01-12-017. The current support zone can become a resistance should the price of bitcoin closes below it. 

Weekly Chart

BTCUSD - weekly forecast on 06/05/20

Weekly Resistance Levels:

13380.00, 10955.48, 9320.00

Weekly Support Levels:

3322.19, 3536.77, 3850.00, 4912.00, 5466.06

For weeks now, we can see that there is a bullish divergence that signals more strength to bitcoin and more buyers order coming from the 5466.06 zones also, a dynamic bounce on the moving average.

As price approaches the 10995.48 resistance zone, brokers are kin to see how the market would react.

Daily Chart

Daily Resistance Levels:

10383.90, 9169.00, 8802.07, 

Daily Support Levels:

3850.00, 8158.42

For weeks now, we can see that there is a bullish divergence that signals more strength to bitcoin and more buyers order coming from the 5466.06 zones also, a dynamic bounce on the moving average.

As price approaches the 10995.48 resistance zone, brokers are kin to see how the market would react.

 H4 Chart

H4 Resistance Levels:

9485.26

H4 Support Levels:

6472.67, 6774.48, 7513.05, 7723.77, 8537.00

On the 30th April 2020, the bulls found support around 8557.00 with an engulfing candle on the H4 time frame. The bias to the upside is imminent, and the next target is 9485.26 resistance zones.

However, if the bitcoin price cannot close above the resistance, can we see the sellers coming in to reverse the direction of the price?

Bullish Scenario:

BTCUSD is still in an uptrend, and more buyers are buying bitcoin expecting the price to go higher than 9485.26 zones.

Bearish Scenario:

The bears have nothing to do now but to wait and see if the price will respect the last resistance zone or not. If it does, then we expect bitcoin to drop in price.

Bitcoin BTC News Events 

Analysts are predicting bulls run, the reason that the supply is diminishing because of halving and wholesale quantitative easing (QE) will drive price higher.  

In the meantime, Singapore brokers, investors, and retail traders will pay close attention to the key zones and following key events for decision making.

Conclusion and Projection

The COVID-19 pandemic won’t go down in history quickly because it held the global economy into ransomed. Unique plans have been put in place by different governmental policies in different parts of the globe to help revive business activities and their economy. 

Investors, brokers are looking for a haven for investments, preventing loss of value to their investments.

The BTCUSD is on the rise for another push to the upside; however, trading and investment decision must take with caution.

 

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